Standard Chartered Bank has emerged as one of the best options to accomplish your several personal needs ranging from wedding to education. It does so with the power of personal loans that help fulfill all these.
What also makes consumers take a plunge with Standard Chartered Bank Personal Loan is the affordable rate of interest offered to them.
The affordable rate translates into a significant reduction of interest and keeps the EMI within the ability of consumers to pay. Let’s see what the rate is and how can it impact your pocket in this segment.
Standard Chartered Bank Personal Loan Interest Rate & Its Impacts
The bank charges an interest rate of 10.99%-14.49% per annum on its personal loans. As much as ₹30 lakhs can be given to finance your personal needs. If you look around the personal loan segment, a very few provide that much loan. What’s more, there’s no processing fee for this loan, making it all the more attractive. Coming back to the interest rate, it’s going to have a major impact on your repayment sojourn. And since the rate is attractive, you are most likely to be servicing the debt smoothly.
Standard Chartered Personal Loan EMI Calculator
The EMI calculator is all but remains online to ease the calculation of installment amount as well as the total interest outgo. What you need to do is to enter the loan amount, interest rate and tenure for the installment amount to flash on the screen. As installments include a portion of interest, you would also get to know the total interest liability using the calculator.
The dynamicity of the calculator is that the interest portion will be more than principal in the early years. The trend will reverse as the loan is just a few years away from being paid off entirely. You can further rejig in your repayment pattern by not choosing the maximum 5-year period that the bank can offer you.
Instead, a tenure of 4 years would be good to avail as it can keep a lid on the interest outflow. There can be a surge in the EMI. So, check whether you can pay the additional EMI for the sake of saving a lot of interest. If so, choose four years and witness a rewarding repayment life.
How to Apply?
The application process is very simple to understand and follow. Now, you have both online and offline options to apply. You can choose as per your choice and comfort. However, going online helps process the application fast. An online application just requires you to visit the bank’s website, go to ‘Personal Loan’ page, click on ‘Apply Now’, and enter a few details such as your mobile number, the profession you are in to, any banking relationship, etc. You will be shown several quotes based on your entries.
You can just select the quote like it and apply for the same online. On the other hand, visiting the bank’s branch can be a tedious exercise as you need to take some time out of your busy schedule to do so. After reaching the branch, you must ask the concerned official to hand you a personal loan application form. You enter all the relevant details in the form and hand it over along with the documents to the bank official to process your case.
The bank can even offer you a personal loan without income proof if you already hold an existing relationship with the lender. It would have all your KYC-related documents. And so, you may not have to sweat on providing income proof.